NEWS: Investing closer to home

Familiarity with a region is the driving force that decides where most people will invest their funds. Most property investors tend to invest close-to-home, with the majority of people buying in the cities in which they currently live.

Iraqis are one of the top investors in UAE property, according to a recent report, that reveals that familiarity with a region is the driving force that decides where most people will invest their funds. Most property investors tend to invest close-to-home, with the majority of people buying in the cities in which they currently live.

Figures released recently by the Dubai Land Department note this trend, revealing that one such group, Iraqi nationals, spent a combined total of close to AED1 billion in the first six months of this year alone.

With its location as a stable hub in the Middle East, the UAE has traditionally been an attractive investment location for the region, and developers aware of this are targeting their promotional activities at Middle East-focused property and trade shows. At the recent International Exhibition in Baghdad, interest in Dubai real estate was high, according to Damac, at the exhibition in order to showcase its Akoya projects.

“Iraq is a very big market for us and the success of the current visit to Baghdad only goes to show the level of interest in Dubai, and luxury villas in particular,” said Niall McLoughlin, Senior Vice President of Damac Properties. “The private gated communities of villas in both Akoya by Damac and Akoya Oxygen have been at the front of everyone’s minds as they provide an ideal second-home for smart buyers in Iraq.”

Damac’s Akoya Oxygen Oxygen is a luxury community in Dubailand set around an 18-hole golf course, and features a five-star hotel, a wellness centre and a leisure, retail and entertainment hub with global brands as part of its offering